NATIONAL NEWS - In a move that many financial experts were expecting, National Treasury has increased Value Added Tax (VAT) to 15% from 14%.
According to Finance Minister, Malusi Gigaba, the tax proposals for the 2018 Budget are designed to generate an additional R36 billion in tax revenue for 2018/2019.
“We have not adjusted VAT since 1993, and it is low compared to some our peers. We therefore decided that increasing VAT was unavoidable if we are to maintain the integrity of our public finances,” he said.
